EUR/USD Current price: 1.2957
The EUR/USD regains the upside ahead of the US opening, amid another leak (go figure!) of ECB plans, this time pointing to ESM uses: the Central Bank will invest the core of its assets in AA or higher-rated debt issued by governments, central banks, euro-area agencies and international institutions, with the power to diversify into bank debt as it grows. Moreover, and with no much fundamental data around, better than expected Canadian retail sales sent dollar nose diving across the board, as stocks erase intraday losses and point for a strong opening in the US. The EUR/USD hourly chart, shows price nearing the trend line coming from 1.3172 high currently converging with a static resistance level around 1.2980, while indicators head north above their midlines. The pair may face some selling interest at current level, yet if price manages to extend above the trend line, chances are of a continuation rally with 1.3040 then at sight. Back below 1.2930 on contrary, will leave the pair in its last days’ range with 1.2880 as main support to break to see bears back in control.
Support levels: 1.2930 1.2880 1.2845
Resistance levels: 1.2980 1.3010 1.3040
GBP/USD Current price: 1.6239
The GBP/USD continues to be range bound, with a slightly positive tone coming now from the hourly chart, as price jumped to test daily highs of 1.6265 on dollar general weakness. Technical readings are as said positive, yet standing mostly in neutral territory, showing not much more definitions than yesterday. The upside however is still favored towards the 1.6310 area, as long as dips to 1.6180 attract buyers in the short term.
Support levels: 1.6210 1.6180 1.6150
Resistance levels: 1.6265 1.6285 1.6310
USD/JPY Current price: 77.74
Another bearish day for the USD/JPY that set a daily low so far at 77.68, and trades barely above. While intraday range remains limited the overall outlook is still heavy, reinforced by latest COT report that shows the incredibly high proportion of longs waiting for a bottom that refuses to appear. With immediate support around 77.65 past June monthly high, renewed selling pressure may see the pair extend to 77.12 this month low, while 78.10 stands now as key resistance level to overcome to see current bearish tone starting to easy.
Support levels: 77.65 77.30 77.12
Resistance levels: 77.90 78.10 78.50
AUD/USD: Current price: 1.0440
The AUD/USD is unable to far to regain 1.0445 level firmly, 38.2% retracement of its latest bullish run, and traders right below, with a limited bullish tone according to technical readings: price stands above 20 SMA while indicators aim higher in the hourly chart. In the 4 hours chart however the pair still looks heavy; range bound, extremes are set so far at 1.0510 and 1.0370 and unless a clear break of either, trend traders will have to wait.
Support levels: 1.0410 1.0370 1.0330
Resistance levels: 1.0445 1.0480 1.0510
Today's new term is Kagi Chart.